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Held by 187 of 2,417 reporting institutions (94th percentile) — extremely crowded.
Data as of Q3 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $60.16 today, the market must believe free cash flow compounds 1.8%/yr for a decade (off $4.48B on the 3-yr avg basis).
The market's 1.8% is more conservative than its 9-yr track record.
Default is 7.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.01B shares (market data) · net debt $23.52B
mean 52.5% · volatility σ 64% · implied rate exceeded in 7/9 yrs
Central path = implied 1.8%/yr growth; shaded band = ±1σ (64%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
No trend data available for this metric.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-14 | Stice J Michael Director | Grant | 983 | $0.00 | $0 |
| 2026-08-14 | Walker Ray N Jr Director | Grant | 82 | $0.00 | $0 |
| 2026-08-14 | Peiffer Garry L. Director | Grant | 1,232 | $0.00 | $0 |
| 2026-08-14 | Surma John P Director | Grant | 1,563 | $0.00 | $0 |
| 2026-08-14 | Semple Frank M Director |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Grant |
| 1,073 |
| $0.00 |
| $0 |
| 2026-08-14 | Helms Christopher A Director | Grant | 1,337 | $0.00 | $0 |
| 2026-08-14 | Breves Christine S Director | Grant | 219 | $0.00 | $0 |
| 2026-05-15 | Walker Ray N Jr Director | Grant | 78 | $0.00 | $0 |
| 2026-05-15 | Surma John P Director | Grant | 1,656 | $0.00 | $0 |
| 2026-05-15 | Stice J Michael Director | Grant | 1,098 | $0.00 | $0 |
| 2026-05-15 | Semple Frank M Director | Grant | 1,194 | $0.00 | $0 |
| 2026-05-15 | Peiffer Garry L. Director | Grant | 1,304 | $0.00 | $0 |
| 2026-05-15 | Helms Christopher A Director | Grant | 1,415 | $0.00 | $0 |
| 2026-05-15 | Breves Christine S Director | Grant | 277 | $0.00 | $0 |
| 2026-04-30 | Walker Ray N Jr Director | Grant92d late | 2,696 | $0.00 | $0 |
| 2026-04-30 | Surma John P Director | Grant92d late | 3,029 | $0.00 | $0 |
| 2026-04-30 | Stice J Michael Director | Grant92d late | 3,029 | $0.00 | $0 |
| 2026-04-30 | Semple Frank M Director | Grant92d late | 3,029 | $0.00 | $0 |
| 2026-04-30 | Peiffer Garry L. Director | Grant92d late | 2,696 | $0.00 | $0 |
| 2026-04-30 | Helms Christopher A Director | Grant92d late | 2,696 | $0.00 | $0 |
| 2026-04-30 | Breves Christine S Director | Grant92d late | 2,696 | $0.00 | $0 |
| 2026-03-02 | 4 co-filers Chairman, President & CEO | Tax withholding | 3,407 | $59.22 | $202k |
| 2026-03-02 | 4 co-filers Exec. VP and COO | Tax withholding | 995 | $59.22 | $59k |
| 2026-03-02 | 4 co-filers Chief Legal Ofc & Corp Sec | Tax withholding | 614 | $59.22 | $36k |
| 2026-03-02 | 4 co-filers Senior VP, Log. & Storage | Tax withholding | 920 | $59.22 | $54k |
| 2026-03-02 | 4 co-filers Exec VP & Chief Fin Ofc | Tax withholding | 422 | $59.22 | $25k |
| 2026-03-02 | 4 co-filers Chief Legal Ofc & Corp Sec | Tax withholding | 1,240 | $59.22 | $73k |
| 2026-03-02 | 4 co-filers Chairman, President & CEO | Tax withholding | 3,404 | $59.22 | $202k |
| 2026-03-02 | 4 co-filers Exec VP & Chief Fin Ofc | Tax withholding | 916 | $59.22 | $54k |
| 2026-03-02 | 4 co-filers Exec. VP and COO | Tax withholding | 1,100 | $59.22 | $65k |
| 2026-03-02 | 4 co-filers Senior VP, Log. & Storage | Tax withholding | 1,033 | $59.22 | $61k |
| 2026-03-02 | 4 co-filers Chief Legal Ofc & Corp Sec | Tax withholding | 998 | $59.22 | $59k |
| 2026-03-02 | 4 co-filers Senior VP, Log. & Storage | Tax withholding | 798 | $59.22 | $47k |
| 2026-03-02 | 4 co-filers Exec VP & Chief Fin Ofc | Tax withholding | 663 | $59.22 | $39k |
| 2026-03-02 | 4 co-filers Chairman, President & CEO | Tax withholding | 6,409 | $59.22 | $380k |
| 2026-03-02 | 4 co-filers Exec. VP and COO | Tax withholding | 797 | $59.22 | $47k |
| 2026-03-01 | Khoury Maria A Director | Grant | 8,451 | $0.00 | $0 |
| 2026-03-01 | 4 co-filers Chief Legal Ofc & Corp Sec | Grant | 8,803 | $0.00 | $0 |
| 2026-03-01 | 4 co-filers Senior VP, Log. & Storage | Grant | 5,986 | $0.00 | $0 |
| 2026-03-01 | 4 co-filers Exec VP & Chief Fin Ofc | Grant | 4,930 | $0.00 | $0 |
Ranked against 2 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MPLX | $61.0B | — | — | 4.7× | 8.9% | — | 38.1% | — | — | — | 187 |
| DINO | $19.7B | 37.3× | 11.7× | 0.7× | -6.0% | — | 2.2% | 6.3% | 4.8% | 1.0× | 209 |
| SOBO | $7.5B | 17.4× | 7.1× | 3.8× | -6.3% | 84.2% | 21.8% | 16.0% | 16.0% | -0.6× | 64 |
Peers = companies sharing MPLX's sector (Pipe Lines (No Natural Gas)) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $400.0M buybacks = $400.0M returned on $4.10B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROIC is not available for this period, so the share of ROE attributable to leverage cannot be separated out.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 4.5 | 4.3 | 5.0 | 3.5 | 2.9 | 3.4 | 3.6 | 3.4 |
| Operating Income | — | — | 2.8 | 39.8 | 42.3 | 43.4 | 44.3 | 45.7 |
| Income Tax | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | — |
| Net Income | 26.0 | 11.4 | -9.5 | 30.7 | 34.0 | 34.8 | 36.5 | 38.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MPLX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.14B covers the $1.50B due within a year 1.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.2% on $25.65B of debt.
Cash of $2.14B fully covers short-term debt of $1.50B.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 15.6% | 7.7% |
| FY2017 | not reported | 23.1% | 20.5% |
| FY2018 | not reported | 30.4% | 26.0% |
| FY2019 | not reported | 16.8% | 11.4% |
| FY2020 | not reported | 2.8% | -9.5% |
| FY2021 | not reported | 39.8% | 30.7% |
| FY2022 | not reported | 42.3% | 34.0% |
| FY2023 | not reported | 43.4% | 34.8% |
| FY2024 | not reported | 44.3% | 36.5% |
| FY2025 | not reported | 45.7% | 38.1% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 1.12x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $60.16, free cash flow must compound 1.83%/yr for 10 years. It has done 16.11%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 99.4% | 1.8% |
| FY2021 | 31.3% | 1.8% |
| FY2022 | −3.9% | 1.8% |
| FY2023 | 5.9% | 1.8% |
| FY2024 | 9.6% | 1.8% |
| FY2025 | −16.1% | 1.8% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4.95B | $4.95B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $957M | $5.91B |
| Operating cash flow | $5.91B | $5.91B |
| Capex | −$1.81B | $4.10B |
| Free cash flow | $4.10B | $4.10B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -16.3% | -23.8% | -7.5 points |
| FY2021 | 32.5% | 44.7% | 12.2 points |
| FY2022 | 15.8% | 12.7% | -3.1 points |
| FY2023 | -2.9% | 11.7% | 14.5 points |
| FY2024 | 5.8% | -12.8% | -18.5 points |
| FY2025 | 8.9% | 2.4% | -6.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 23.9 days | not reported | not reported | not reported |
| FY2020 | 21.8 days | not reported | not reported | not reported |
| FY2021 | 23.8 days | not reported | not reported | not reported |
| FY2022 | 23.2 days | not reported | not reported | not reported |
| FY2023 | 26.6 days | not reported | not reported | not reported |
| FY2024 | 22 days | not reported | not reported | not reported |
| FY2025 | 20.6 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -7.5 percent |
| FY2020 | -14.4 percent |
| FY2021 | -5.2 percent |
| FY2022 | -3.0 percent |
| FY2023 | -4.0 percent |
| FY2024 | -4.2 percent |
| FY2025 | -2.2 percent |
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.00B 100.0% | $11.93B 100.0% | $11.28B 100.0% | $11.61B 100.0% | $10.03B 100.0% | $7.57B 100.0% | $9.04B 100.0% | $7.00B 100.0% | $3.87B 100.0% | $3.03B 100.0% |
| Selling, General & Admin | $446.0M 3.4% | $427.0M 3.6% | $379.0M 3.4% | $335.0M 2.9% | $353.0M 3.5% | $378.0M 5.0% | $388.0M 4.3% | $316.0M 4.5% | $241.0M 6.2% | $227.0M 7.5% |
| Total Operating Expenses | $7.05B 54.3% | $6.64B 55.7% | $6.38B 56.6% | $6.70B 57.7% | $6.04B 60.2% | $7.36B 97.2% | $6.66B 73.7% | $4.28B 61.1% | $2.68B 69.2% | $2.35B 77.5% |
| Operating Income | $5.94B 45.7% | $5.29B 44.3% | $4.90B 43.4% | $4.91B 42.3% | $3.99B 39.8% | $211.0M 2.8% | — | — | — | — |
| Interest Expense | $1.07B 8.2% | $963.0M 8.1% | $912.0M 8.1% | $852.0M 7.3% | — | — | — | — | — | — |
| Interest & Investment Income | $68.0M 0.5% | $95.0M 0.8% | $43.0M 0.4% | $4.0M 0.0% | — | — | — | — | — | — |
| Other Income (Expense), net | — | — | — | — | -$86.0M -0.9% | -$62.0M -0.8% | -$53.0M -0.6% | -$119.0M -1.7% | -$56.0M -1.4% | -$50.0M -1.7% |
| Pretax Income | $4.96B 38.2% | $4.37B 36.6% | $3.98B 35.3% | $3.99B 34.3% | $3.11B 31.0% | -$685.0M -9.1% | $1.46B 16.2% | $2.01B 28.8% | $837.0M 21.6% | $422.0M 13.9% |
| Income Tax Expense | — | $10.0M 0.1% | $11.0M 0.1% | $8.0M 0.1% | $1.0M 0.0% | $2.0M 0.0% | $0 0.0% | $8.0M 0.1% | $1.0M 0.0% | -$12.0M -0.4% |
| Net Income | $4.95B 38.1% | $4.36B 36.5% | $3.93B 34.8% | $3.94B 34.0% | $3.08B 30.7% | -$720.0M -9.5% | $1.03B 11.4% | $1.82B 26.0% | $794.0M 20.5% | $233.0M 7.7% |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.